TASK 1 :

“One of the means by which the interests of the shareholders and other parties interested in the affairs of a company can be satisfied is the production and availability of comprehensive information about the financial and other standings through an annual report”.

a)        Identify and briefly discuss on each of the components of a financial statement.

b)        Describe the functions of the auditor’s reports and the types of opinions in an annual      report.

c)        An annual report consists of some other basic reports that are qualitative in nature. Enumerate and examine the reasons for the inclusion of such reports in the annual report of a company.